Drake & Scull International (DSI) has announced the closing of the subscription for new capital, with proceeds exceeding AED450 million ($122 million) through distribution of 2.8 billion shares. 

 

The company said the subscription was open only to current shareholders from April 25 and May 10 at a discounted rate of 25 fils per share.

 

The process, which received an overhelming response from shareholders, exceeded one and a half times the minimum required to complete the restructuring process.

 

This, stated the company, is considered one of the final steps to complete the restructuring process.

 

Thanks to the solid response, DSI's new capital will amount to AED2.9 billion ($789.4 million).

 

The Dubai contractor’s shares will resume trading on the Dubai Financial Market on May 20 after completing the procedures required by the regulatory and supervisory authorities.

 

DSI Chairman Shafiq Abdelhamid said the company was determined to recapture its prominent position in the construction industry. 

 

"This resolve is especially fuelled by the remarkable expansion witnessed in the regional real estate market, particularly in the UAE," he added.-TradeArabia News Service